Latham & Watkins and the Law Office of Salman M. Al-Sudairi have advised STV, the largest venture capital fund in the Middle East & North Africa (MENA), on the development of an innovative, open-sourced Standard Term Sheet launched by STV and the Saudi Venture Capital and Private Equity Association (VCPEA).
Inspired by the National Venture Capital Association’s (NVCA) in the United States, the Term Sheet was developed by STV and open-sourced to the Saudi VCPE Association to make available to any entrepreneur in the MENA region. The Term Sheet includes the most important and commonly used terms applicable to several jurisdictions across MENA’s legislative environment, and is designed to serve as a starting point for fundraising negotiations, reducing the time and cost incurred by entrepreneurs.
Eyad Latif, who leads the Emerging Companies Practice in Dubai, said: “The startup ecosystem in MENA has enjoyed phenomenal growth in recent years and now stands at a critical juncture in its development. This new, open-sourced Model Term Sheet will provide entrepreneurs and investors with a consistent set of rules that are in line with international standard market practice for venture capital financings, and it will play an important role in the continued expansion of the venture-backed high growth tech ecosystem in the region.”
Salman Al-Sudairi, Principal of The Law Office of Salman M. Al-Sudairi and Latham partner, added: “The new Model Term Sheet is a significant milestone in the development of the market in the region and will be a great value add for all parties in venture capital-related transactions.”
To download of a copy of the Model Term Sheet, click here.
The Latham & Watkins team was led by Eyad Latif, with associate Omar Maayeh. The Law Office of Salman M. Al-Sudairi team was led by Salman Al-Sudairi.
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